Coinbase to Launch New Crypto Operating Account for Small Businesses

Coinbase is set to launch a “crypto operating account” for startups and small businesses later this year. The new platform will enable users to handle crypto payments and automate financial processes. Businesses can sign up for early access through a waitlist. The offering promises solutions to common challenges faced by small companies regarding payments and transaction costs.

Coinbase has announced plans to introduce a new offering called the “crypto operating account” aimed at small businesses and startups. The launch is scheduled for later this year, according to a blog post released on Thursday, June 12. This initiative is part of the Coinbase Business platform, allowing users to efficiently manage crypto assets, send and receive payments, and automate various financial workflows.

To get involved, businesses are encouraged to sign up for a waitlist for early access to the Coinbase Business alpha. The company stated in its blog that after more than a decade of establishing its reputable presence in the cryptoeconomy, it aims to extend that security and compliance to everyday businesses with the new platform. They were keen to highlight the practical benefits it could bring in today’s fast-paced market.

The advantages of utilizing cryptocurrencies and stablecoins are substantial for small enterprises. These digital currencies offer swift, global, and cost-effective money transfers—addressing typical issues that startups face, like compensating international workers, managing high credit card fees, and dealing with long settlement times. Indeed, Coinbase noted that one in five small and medium businesses familiar with stablecoins already leverage them to enhance their operation efficiency.

Coinbase Business will feature capabilities that allow businesses to receive payments from customers in crypto, pay vendors and employees, trade or manage their crypto, and earn rewards on USDC stablecoins. Additionally, the platform is designed for seamless integration with popular accounting tools like QuickBooks and Xero, making financial management simpler and more efficient.

The company’s vision for Coinbase Business is that it serves as a modern financial centre, whether for a startup diving into crypto or a traditional shop looking to modernize operations. According to CEO Brian Armstrong, the regulatory landscape has shifted positively, providing an optimistic outlook for cryptocurrency’s role in global financial systems.

The interest in cryptocurrency is on the rise among various sectors, including luxury brands, who have been increasingly inclined to accept crypto payments, marking a notable shift especially as Bitcoin values surged in the past months. In a related development, Stripe also began allowing its users to accept stablecoin payments late last year, a move that attracted customers from over 70 nations, further demonstrating the growing acceptance of crypto in mainstream transactions.